(Newser)
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The once-mighty Eastman Kodak company has filed for bankruptcy. The 131-year-old firm, unable to reinvent itself quickly enough for the digital age, filed for Chapter 11 bankruptcy protection this morning after running out of cash to fund its turnaround, the Wall Street Journal reports. The company says it has secured a $950 million line of credit from Citigroup to allow it to keep operating during restructuring.

Kodak—which has cut 47,000 jobs and closed 13 manufacturing plants since 2003—tried to sell off its digital imaging patents to raise funds but the prospect of the company going bust scared potential buyers away. The company, which switched focus to inkjet printers as film sales dived, says it plans to keep operating normally, but the future of many of its 19,000 employees is in doubt and hundreds of millions of dollars are likely to be cut from its pension obligations.

Joe Smith starts another day early, having set his alarm clock (made in China) for 6am. While his coffee pot (made in Canada) is perking a brew (made in Colombia), he puts his hair dryer to work (made in Taiwan) and shaves with his electric razor (made in Thailand). He puts on a dress shirt (made in Indonesia), and jeans (made in Singapore) and a pair of tennis shoes (made in Korea). After cooking up some breakfast in his new electric skillet (made in the Philippines), he sits down to figure out on his calculator (made in Mexico) how much he can spend today. He searches with his computer (made in Malaysia) and makes a few calls on his phone (made in Finland). After setting his watch (made in Switzerland) to the radio (made in India), he goes out and gets in his car (made in Germany), fills it with gas (made in Saudi Arabia) and goes looking, as he has been for months, for a job. At the end of another discouraging and fruitless day, Joe decides to relax for awhile. He puts on a pair of sandals (made in Brazil), pours himself a glass of wine (made in France), and turns on his TV (made in Japan) and once again wonders why he can't find a good paying job in America.

bonongo

Jan 19, 2012 6:22 PM CST

This is doubly depressing -- first, we lost Kodachrome -- hands down the best film ever devised -- at the end of last year, and now the whole company may be on the way out. It is true that Kodak failed to keep up with the digital times . . . but as a photographer, I'm not sure what we've gotten is as good. Digital has convenience, but the images from digital photos, even at the higher densities of pixels, can't hold a candle to the quality of film. It reminds me of the expression "Betamaxed" -- when one technology is outsold by an inferior competitor. Of course, VHS tapes are going away, too . . . .

Observer

Jan 19, 2012 12:34 PM CST

sad day for a global culture changing institution. I owe Kodak a great deal for the 40 years of pleasure I have gotten from picture taking. We will miss those Kodachromes. An era has died. http://www.youtube.com/watch?v=SExsuRIGAlg RIP Kodak.